* U.S. job growth slows more than expected in December
* Apple, Qorvo, Skyworks up on positive broker comments
* Easing Iran tensions, trade hope spur risk-on mode
* Indexes up: Indexes: Dow 0.10%, S&P 0.19%, Nasdaq 0.28%
(Updates to open)
By Sruthi Shankar
Jan 10 (Reuters) - The Dow Jones Industrial Average on
Friday crossed the 29,000 mark for the first time, as gains in
technology and healthcare stocks offset concerns from a report
showing slower-than-expected U.S. jobs growth in December.
The main U.S. indexes opened at a record high despite
futures initially wobbling after government data showed U.S.
jobs increased by 145,000 last month, below the 164,000 rise
forecast by economists polled by Reuters. However, the pace of hiring remained more than enough to
keep the longest economic expansion in history on track despite
a deepening downturn in the manufacturing sector.
Friday's report also showed the jobless rate holding near a
50-year low of 3.5% and average hourly earnings rising 0.1% in
the previous month.
"This report is almost in line with consensus except for the
wage aspect. That was disappointing. I'm saying that because of
the need for the consumer to be (an) active participant in the
economy. But the market isn't going to focus on this," said
Quincy Krosby, chief market strategist at Prudential Financial
in Newark, New Jersey.
"This report is not enough to move the market one way or the
other."
The data also did little to change traders' expectations
that the Federal Reserve will hold interest rates where they are
for most of this year. MMT/
The S&P 500 banks index .SPXBK was down 0.2%.
Global stock markets resumed their record rally this week
after the United States and Iran backed down on further military
action following a standoff, and hopes of an initial U.S.-China
trade deal kept investors optimistic about economic growth in
2020.
At 10:21 a.m. ET the Dow Jones Industrial Average .DJI was
up 28.50 points, or 0.10%, at 28,985.40, the S&P 500 .SPX was
up 6.37 points, or 0.19%, at 3,281.07 and the Nasdaq Composite
.IXIC was up 26.13 points, or 0.28%, at 9,229.56.
Technology stocks .SPLRCT , the market leaders of the last
decade, were on track for sharpest gains among the 11 main S&P
sectors in the first full trading week of 2019.
Apple Inc AAPL.O rose 0.9% after Credit Suisse became the
latest brokerage to raise its price target on the stock, citing
better-than-feared iPhone 11 cycle so far.
Nvidia Corp NVDA.O rose 1.5% after Citigroup added the
stock to its "catalyst watch" list.
Healthcare stocks .SPXHC rose 0.4%, led by Intuitive
Surgical Inc ISRG.O , which reported a better-than-expected
quarterly sales.
With the fourth-quarter earnings season set to begin in
earnest next week, analysts expect profits for S&P 500 companies
to drop 0.6% in their second consecutive quarterly decline,
according to IBES data from Refinitiv.
Energy stocks .SPNY were a laggard, down 0.3%, as oil
slipped on easing Middle East tensions. O/R
Advancing issues outnumbered decliners by a 1.39-to-1 ratio
on the NYSE and a 1.31-to-1 ratio on the Nasdaq.
The S&P index recorded 54 new 52-week highs and no new lows,
while the Nasdaq recorded 70 new highs and nine new lows.